Dubai gold eases as global spot price hits $3,354
US tariffs pause and inflation data impact gold movements
Dubai’s gold market saw a slight drop on Tuesday, with 24-karat gold priced at Dh404.25 per gram, down from Monday’s Dh406.75.
The 22-karat rate stood at Dh374.50, while 21K and 18K traded at Dh359.00 and Dh307.75 respectively.
Prices remain below Saturday’s recent peak of Dh409.25 yet continue to hover above last week’s levels.
What’s happening globally?
Globally, spot gold rose 0.3% to $3,354.91 per ounce at 0453 GMT, rebounding slightly from Monday’s 1.5% drop. US gold futures for December delivery stayed steady at $3,405.40. The previous session’s fall came after US President Donald Trump confirmed tariffs would not apply to imported gold bars, calming earlier market concerns.
Attention is now fixed on the US consumer prices index report, due at 1230 GMT. Analysts expect July’s core CPI to rise 0.3%, pushing the annual rate to 3%. Traders are factoring in an 85% probability of a Federal Reserve interest rate cut in September, according to CME FedWatch data. Lower rates typically support gold prices by reducing the opportunity cost of holding the metal.
Where other metals stand
Other precious metals also posted gains: spot silver climbed 0.7% to $37.88 per ounce, platinum added 0.3% to $1,330.25, and palladium advanced 0.9% to $1,145.47. Meanwhile, Trump signed an executive order on Monday extending a 90-day pause on higher tariffs for Chinese imports.